Fuel baffle issue (baffling me)

Sorry to make another post about a fuel baffle issue, I have read through the stickies but haven't been able to find an answer.

My craft is a '97 Speedster jetboat but I think it shares a similar baffle as that of the jet skis of that time. The current fitted part number is 204560071. The problem is that the gauge was showing 1/3'rd full, even when the tank was full. So tonight I pulled the baffle to take a look. When I disconnected the baffle and pressed the Start button the gauge went well below zero, so I'm assuming the gauge is ok (ie an open circuit is showing below empty on the gauge).

I then removed the filter at the bottom of the baffle and I thought I'd found the problem - the float had no magnets left on it (however I have looked really closely inside the baffle but can't see the magnets in there). With the float removed I put a meter across the connectors and it was showing no resistance (ie a closed circuit) - I assume this means it would show a full tank. But I'm now really confused!!!

1) How can the gauge show 1/3'rd full whilst the baffle was in the tank and then when I take it out it the gauge reads no resistance.

2) Where have my magnets gone!

I should add that I had to perform the F1 fuse replacement on the baffle last year, but I'm not sure if this is connected to this latest issue.

I'll have a fish around with a magnet in my tank tomorrow to see if I can find them. But I'm still confused as to why the gauge is showing no resistance (which I think is full) with the float out. I've ordered a new float however, just concerned this isn't going to fix the problem.

I just fixed my old baffle that I had replaced 6 yrs ago & now my current baffle is not sending signals. I came across your thread & I got off my ass & dug up the old baffle & cut it open just like in the pics. BAM! It shows resistance, So, I go to my GSX, unplug the sending unit & plug in the repaired unit & it showed empty, tilted it a little & within a minute it updated to show 1/2 tank. So, IT WORKS!

I found the problem. I can't believe it but the two small magnets had fallen off the float, I couldn't find them anywhere. But after nearly despair I found both of them at the top of the "on" pick-up tube, how the hell they got all the way up there I don't know. This explains why the fuel gauge was showing full all the time, the magnets were tripping the full reed switch. I'm now waiting for a new $11 float to be delivered.